ECB: Ireland is largest base for SPVs in the eurozone

Ireland remains the eurozone’s largest centre for financial special purpose vehicles (SPVs), ECB data shows, placing it far ahead of closest rival Luxembourg.

Such vehicles — many of which are shell companies set up to borrow or invest — had assets, chiefly loans and debt, of €391bn, which is greater than the Irish economy.

The data comes amid a debate about the country’s hosting of such conduits, pitting critics, who see a risk to the country’s reputation, against those who want to keep them to help attract business from London after Brexit.